BYD plans major Saudi expansion following Tesla's market entry
Currently operating three showrooms, BYD plans to expand to 10 locations by late 2026, according to Jerome Saigot.
The expansion comes after Tesla entered the Saudi market in April with a Riyadh showroom, joining BYD and fellow Chinese firm Geely.
The development aligns with Saudi Arabia's broader strategy to establish itself as a regional EV hub, targeting 30 percent EV adoption by 2030 as part of its Vision 2030 economic diversification plan.
'Saudi is a complex market. You need to go fast. You need to think big,' Saigot said in an interview with Bloomberg, adding: 'We are not here to stay at 5 (thousand) or 10,000 cars a year.'
Saudi Arabia's Public Investment Fund has been aggressively investing in the EV sector, backing Lucid Motors, launching its brand, Ceer, and supporting charging infrastructure development.
However, EVs still account for just over 1 percent of total car sales, as high costs, limited charging infrastructure, and extreme weather remain challenges, Bloomberg reported, citing data from PwC.
Saigot told Bloomberg that Tesla's presence in the Kingdom was a positive development, helping to boost consumer awareness of EVs.
'The more Tesla communicates on marketing, the better it is for us,' said Saigot, who started at BYD in April after serving in previous roles at Nissan Motor Co. and Great Wall Motor Co.
BYD has been closing the gap with Tesla globally, outselling the US automaker in Europe for the first time in April.
The Kingdom's push toward electric mobility is gaining momentum, with Tesla's recent market entry seen as a potential catalyst for faster adoption. Alessandro Tricamo, partner at Oliver Wyman, told Arab News in an interview earlier this month that nearly half of Saudis are now considering an EV purchase.
'Tesla's entry into the Saudi market is potentially a significant win-win situation,' he said, pointing to the brand's appeal in a car-centric market and the company's need to expand beyond declining Western sales.
Also in an interview earlier this month, Taline Vahanian of Marsh UAE warned of risks for the sector, including battery degradation in extreme heat and costly insurance premiums, which could slow adoption.
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